# Mediation: Does Savings Composition Explain Z → CA?

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| D1: Z → CA (baseline) | ca_gdp | 5,428 | 174 | 0.037 |
| D2: Z → CA | govt_saving | ca_gdp | 5,048 | 174 | 0.177 |
| D3: Z → CA | private_saving | ca_gdp | 4,004 | 157 | 0.128 |
| D4: Z → CA | S-I gap | ca_gdp | 4,648 | 158 | 0.257 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| D1: Z → CA (baseline) | Z_1 | 27.7133 | 12.3562 | 0.0249 | ** |
| D1: Z → CA (baseline) | Z_2 | -3.2043 | 1.8543 | 0.0840 | * |
| D1: Z → CA (baseline) | Z_3 | 0.1056 | 0.0753 | 0.1609 |  |
| D2: Z → CA | govt_saving | Z_1 | 21.1162 | 11.4531 | 0.0653 | * |
| D2: Z → CA | govt_saving | Z_2 | -2.3981 | 1.7132 | 0.1616 |  |
| D2: Z → CA | govt_saving | Z_3 | 0.0785 | 0.0694 | 0.2585 |  |
| D2: Z → CA | govt_saving | govt_saving_gdp | 0.4353 | 0.0260 | 0.0000 | *** |
| D3: Z → CA | private_saving | Z_1 | 15.9056 | 14.1939 | 0.2625 |  |
| D3: Z → CA | private_saving | Z_2 | -2.4555 | 2.1109 | 0.2448 |  |
| D3: Z → CA | private_saving | Z_3 | 0.1030 | 0.0853 | 0.2272 |  |
| D3: Z → CA | private_saving | private_saving_gdp | 0.5958 | 0.0127 | 0.0000 | *** |
| D4: Z → CA | S-I gap | Z_1 | 23.3693 | 11.4114 | 0.0406 | ** |
| D4: Z → CA | S-I gap | Z_2 | -3.6545 | 1.7096 | 0.0326 | ** |
| D4: Z → CA | S-I gap | Z_3 | 0.1509 | 0.0694 | 0.0297 | ** |
| D4: Z → CA | S-I gap | savings_investment_gap | 0.6190 | 0.0119 | 0.0000 | *** |

*Sequential addition of savings components to test mediation of Z → CA*